China extends 24% tariff suspension on US goods by two months to fulfill Trump-Xi deal

China announced it will extend by two months its suspension of an additional 24 percent tariff on US imports, following through on agreements reached at a bilateral summit held at the White House in September.

The State Council's Tariff and Customs Duties Commission said in a notice Monday that the suspension of the additional 24 percent tariff on US goods would be extended for two months starting at 1:01 p.m. Tuesday (China time). An existing 10 percent additional tariff will remain in place.

The State Council said the move was intended to implement agreements the two countries reached ahead of the summit between US President Donald Trump and Chinese President Xi Jinping in September.

Earlier, US Treasury Secretary Scott Bessent announced after meeting Chinese Vice Premier He Lifeng in Washington on Sept. 23 that the two sides had agreed to extend the US-China trade truce — set to expire Tuesday — by two months to Jan. 10. The truce now expiring was itself the product of a summit the two leaders held at Gimhae Airport in Busan in October last year, at which Trump and Xi agreed to suspend retaliatory tariff measures for one year. As that deadline approached, senior economic officials from both sides gathered ahead of the September White House summit and agreed to a two-month extension.

However, China also signaled wariness about shifts in US tariff policy. The Tariff and Customs Duties Commission said it was "taking note" of Washington's stated plan to replace tariffs imposed under the International Emergency Economic Powers Act — which a court ruling has rendered invalid — with tariffs under Section 301 of the Trade Act. "We will closely monitor subsequent US actions and will adjust relevant retaliatory tariff measures at an appropriate time depending on the situation," the commission said.

China said the tariff suspension extension would provide a stable and predictable policy environment for businesses in both countries and help support the steady development of US-China economic and trade relations.

Vice Premier He held a video call with Bessent and US Trade Representative Jamieson Greer on Friday to discuss bilateral trade issues. China expressed serious concern over US economic and trade restrictions targeting China, while the US side urged China to faithfully implement existing trade agreements.